1. A loan payment provided for an individual pursuant to a written contract under the large animal veterinary medicine loan repayment program shall consist of payment on behalf of the individual of the principal, interest and related expenses on government and commercial loans received by the individual for tuition, fees, books, laboratory and living expenses incurred by the individual. 2. For each year of obligated services that an individual contracts to serve in an area of defined need, the department may pay up to thirty thousand dollars on behalf of the individual for loans described in subsection 1 of this section. 3. The department may enter into an agreement with the holder of the loans for which repayments are made under the large animal veterinary medicine loan repayment program to establish a schedule for the making of such payments if the establishment of such a schedule would result in reducing the costs to the state. 4. Any qualifying communities providing a portion of a loan repayment shall be considered first for placement.
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